RetireJapan

When we were looking at property, recently renovated houses definitely had a higher price tag than those which had never been touched or had been reformed years past. Ten years feels a bit too soon to reform, assuming the build quality was decent to start with. What is the house builder offering to do?

Beaglehound wrote: ↑Mon Jul 06, 2020 5:51 am When we were looking at property, recently renovated houses definitely had a higher price tag than those which had never been touched or had been reformed years past. Ten years feels a bit too soon to reform, assuming the build quality was decent to start with. What is the house builder offering to do?

To keep the maintenance warrantee from Mitsui home they offer a reform and a repaint of outside. I am not exactly sure what they offer apart from the repaint.

Jake wrote: ↑Fri Jul 03, 2020 2:55 am If you are capable of doing the work yourself I would do it, materials are available if you know where to look.
I bought a house in '06, it didn't need renovation as such as it was only 5~6 years old, the previous owner was about to be kicked out by his bank I think so I got a really good deal.
It did however need upgrading. Although the house was in very good condition, I found the build quality lacking. Over the 13 years I owned it I did extensive mods like secondary double glazed windows (icy windows in winter!!), built a carport, installed a wood burning stove, replaced the aircons, landscaped the garden etc. Then before I sold it last year, new wall paper and paint top to bottom, new kitchen, new flooring in some rooms and various other jobs. All of which I did myself.

The result of that, I sold the house after almost 13 years for more than 95% of my original purchase price. Not only that, had the offer within a week of the agent taking the keys.......
Of course I spent quite a lot over the years but that's a hobby of mine anyway. The tax had continued to go down as the estimated value used was never reassessed. I don't know about the new owner though . Go for it, I would do it over again knowing what I know now.

This is really good to know thanks. I have done a bit of DIY in the past back home. I think I would only target jobs within my capabilities though. I am surprised to see a few of the 30 year old houses I have seen with original patterned wallpaper. Few seem to even attempt small jobs like painting here.

Wales4rugbyWC19 wrote: ↑Mon Jul 06, 2020 5:05 am
I am very interested to know how you got 95% of your original purchase price after 13 years. We bought a new house about 8 years ago and I am looking that if I would ever sell it in the future I would only really get the value of the land, which is about two fifths of the original purchase price. However, we have been approached by our house builder to see if we were interested in a reform after 10 years. Is it worth it? Does it keep the value of the house? I am not a DIY specialist even though my brother is a carpenter.

Some planning... and some luck

Firstly I would NEVER buy a new house in Japan, in the UK possibly, here... not a chance. Depreciation is ridiculous. (**As always depends on location). Get someone else to lose that money. Plus I mentioned the previous owner had bank issues, i.e. he probably couldn't pay his mortgage, so the house had to be sold quickly. We saw a few houses around that time in the same situation, so we got it below market value.

Also an interesting story During the mortgage process, which is interesting enough being a pesky foreigner, I got a call from the bank telling me there was a problem. The house was in husband and wife's name and needed both signatures/stamps. So what I thought, I had met the wife.... Oh no, not that wife, his first wife who seemed to be missing in action. Being a nervous Japanese bank they asked if I'd like to cancel... Nope, get off your arses and find her was my reply. Another reason for quick sale.

That explains the low buying price, but what I basically got was a cheap, clean, but very basic box.
During my 13 years of ownership I made many improvements, which had the effect of holding the property value at my buying price.
Of course, I spent a lot, but it would have been far more if I'd paid someone else to do it.

There are alternatives, has anyone looked at foreclosures? A chap I know bought an apartment at auction, lived in it for a while, tidied it up before going back to his home country. I believe he actually made a profit. Maybe not including the decorating but it's possible.

Take a look at this site for some information. If memory serves these are cash purchases. https://981.jp/

For the really ambitious, how about an old farm house (kominka). I've thought about it but they are usually too big.
https://www.akiya-athome.jp/bukken/sear ... bt_kbn=buy

Wales4rugbyWC19 wrote: ↑Mon Jul 06, 2020 11:35 am

Beaglehound wrote: ↑Mon Jul 06, 2020 5:51 am When we were looking at property, recently renovated houses definitely had a higher price tag than those which had never been touched or had been reformed years past. Ten years feels a bit too soon to reform, assuming the build quality was decent to start with. What is the house builder offering to do?

To keep the maintenance warrantee from Mitsui home they offer a reform and a repaint of outside. I am not exactly sure what they offer apart from the repaint.

@WAles4rugbyWC19

10 years is too soon for a reform unless it's part of putting it on the market.
It sounds like the reform will extend to caulking and repainting the exterior and depending on the roof surface replacing or coating up top.
Clearly this will extend only "some" elements of the builders warranty. But if you sold during that extended warranty period it would command a higher price. How much will be up to location/demand, etc. The painting/coating is high tech stuff with large differences in life spans for the various materials. And obviously different prices to go with them. Even if you don't proceed now have them do some busy work to help you get educated on what the various options and costs would be so you can budget accordingly.

Around 15 years is when such work might be required. And could be longer, and even shorter, based on; overall build quality and materials used, location, exposure to the elements and how much you can handle your house looking a bit lived in. (There's some bridges out there that they never stop painting!)
Our neighbors have had the exterior/roof reformed when told, etc. But they also replaced perfectly good heating systems when told.

I'm waiting as long as I can for the exterior work. Visually inspecting now and then and I'll do my own caulking if I see a bad crack. I'll likely get the exterior and roof done around the 20 year mark along with some other reform work.
You might need to look closely for those cracks, can be very small. near widow frames, under eves, etc.